Mortgage Market Guide - 01/06/09
A whole slew of economic data has started to be released and will continue to come out the rest of the week. As expected the news is not good. The cooling for the economy is positive news right now for mortgage rates.
"New orders for manufactured goods in November, down four consecutive months, decreased $18.7 billion or 4.6 percent to $384.6 billion, the U.S. Census Bureau reported today. This followed a 6.0 percent October decrease. Excluding transportation, new orders decreased 4.2 percent. Shipments, also down four consecutive months, decreased $22.1 billion or 5.3 percent to $393.8 billion. This was the largest percent decrease since the series was first published on a NAICS basis in 1992 and followed a 3.6 percent October decrease. Unfilled orders, down two consecutive months, decreased $5.3 billion or 0.6 percent to $815.4 billion. This followed a 0.9 percent October decrease. The unfilled orders-to-shipments ratio was 5.82, up from 5.69 in October. Inventories, down three consecutive months, decreased $1.6 billion or 0.3 percent to $553.4 billion. This followed a 0.6 percent October decrease."8:21 am pst We've opened up tremendously well this morning. Stay tuned for progress.
12:53 pm pst Rates are neutral to worse right now. Nothing significant.
Pricing for a 30 year platinum conventional borrower is hovering around 5.375% no points.
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